The External Wealth of Nations Measures of Foreign Assets and Liabilities for Industrial and Developing Countries

57 Pages Posted: 15 Feb 2006

See all articles by Philip R. Lane

Philip R. Lane

Trinity College (Dublin) - Department of Economics; Centre for Economic Policy Research (CEPR); Central Bank of Ireland

Gian Maria Milesi-Ferretti

National Bureau of Economic Research (NBER); Senior Fellow; Centre for Economic Policy Research (CEPR)

Date Written: August 1999

Abstract

Capital flows are closely monitored, but surprisingly little is known about the stocks of external assets and liabilities held by countries, especially in the developing world. This paper constructs estimates of foreign assets and liabilities and their equity and debt subcomponents for 66 industrial and developing countries for the period 1970-97. It explores the sensitivity of estimates of stock positions to the treatment of valuation effects not captured in balance of payments data. Finally, it characterizes the stylized facts of estimated stocks and asks whether there are trends in net foreign asset positions and differences in debt-equity ratios across countries.

Keywords: foreign assets external debt foreign direct investment equity flows

JEL Classification: F21 F34

Suggested Citation

Lane, Philip R. and Milesi-Ferretti, Gian Maria and Milesi-Ferretti, Gian Maria, The External Wealth of Nations Measures of Foreign Assets and Liabilities for Industrial and Developing Countries (August 1999). IMF Working Paper No. 99/115, Available at SSRN: https://ssrn.com/abstract=880642

Philip R. Lane (Contact Author)

Trinity College (Dublin) - Department of Economics ( email )

Trinity College
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Centre for Economic Policy Research (CEPR)

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Central Bank of Ireland ( email )

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Gian Maria Milesi-Ferretti

National Bureau of Economic Research (NBER)

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United States

Senior Fellow ( email )

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Centre for Economic Policy Research (CEPR)

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United Kingdom

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